Answer:
1) Repaid for the loan = $239,511.60
2) Percentage = 58.2%
3) Average amount = $387.53
Step-by-step explanation:
Given :
Amount $100,000
Rate 7%
Payments 360 - $665.31
Total interest $139,511.60
To find :
1) How much will be repaid for this loan?
Repaid for the loan = Amount - Total interest
Repaid for the loan = 100,000 + 139,511.60
Repaid for the loan = $239,511.60
2) What percentage will be repaid for this loan?
[tex]\text{Percentage}=\frac{\text{Total interest}}{\text{Repaid loan}}\times100[/tex]
[tex]\text{Percentage}=\frac{139511.60}{239511.60}\times100[/tex]
[tex]\text{Percentage}=0.582\times100[/tex]
[tex]\text{Percentage}=58.2\%[/tex]
3) What will be the average amount per payment for interest?
[tex]\text{Average amount}=\frac{\text{Total interest}}{\text{Payments}}[/tex]
[tex]\text{Average amount}=\frac{\text{139511.60}}{\text{360}}[/tex]
[tex]\text{Average amount}=387.53[/tex]
